According to analysts, the Relative Strength Index or RSI, one of the simplest price action indicators, can safely predict bull runs. cryptocoin.com We now focus on how the RSI indicator can predict the Bitcoin bull run peak.
Bitcoin predictions
An anonymous trader and analyst using the nickname @TechDev_52 on Twitter is confident that only one indicator can safely predict where BTC price will find macro cycle highs and lows. The analyst was on Twitter today to share his thoughts on the role of the Relative Strength Index (RSI) in predicting Bitcoin (BTC) price highs and lows.
On its chart, the flagship cryptocurrency’s price dynamics are displayed on a logarithmic scale using a 14-day time frame. Two descending lines are added to the RSI chart; one in the “overbought zone” and one in the “oversold zone.” According to the analyst, Bitcoin price peaks when the RSI line touches the upper boundary of the “channel”. Otherwise, touching the bottom limit means the end of this or that loop. At the same time, Bitcoin (BTC) price does not peak after the bottom on this chart.
Therefore, according to this model, Bitcoin (BTC) price seeks to peak between $140,000-160,000 early in the first quarter of 2022. At the time of writing, the RSI line is below 70 and is approaching the “moderately overbought” zone. Invented in 1978, the RSI is a momentum indicator that measures the magnitude of price changes in terms of “strength” displayed by bulls or bears. Last October witnessed one of the most impressive changes in BTC sentiment.
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